FEBRUARY 6, 2025
CIC Press Release
Results for the year ended December 31, 2024
In 2024, CIC posted a high net income of €1.7 billion, driven by strong momentum in the specialized business lines
In a difficult economic and political environment, CIC maintained its high level of income in 2024, with net revenues stabilizing at €6.3 billion (-2.9%) and net income at €1.7 billion (-13.2%).
These results were driven by the excellent performance of revenues from the specialized business lines, particularly corporate banking (+9.5%), capital markets (+12.9%) and private equity (+4.8%). This partly offset the decline in retail banking (-3%), which remained resilient. However, it was negatively affected by strong pressure on net interest margins in the French banking networks, by the worsening economic outlook, and by a post-Covid catch-up effect in corporate failures, which weighed on the cost of risk. The business line subsidiaries (leasing and factoring) benefited from the rise in interest rates, with net revenue up +21.2%.
General operating expenses were kept under control at €3.7 billion (-1.8%). This performance was achieved against a backdrop of major technological and strategic investments linked to the new 2024-2027 strategic plan, a strong social pact with its employees, notably in terms of salary increases, and its corporate philanthropy policy in line with its benefit corporation status.
At end-December, CIC posted a strong operating performance, with a cost/income ratio of 59.3%.
With €21.1 billion in shareholders’ equity at December 31, 2024 (+€0.8 billion), CIC, a benefit corporation, confirms its solidity and the relevance of its diversified business model.
| Results for the year ended December 31,20241 | 2024 | 2023 | Change 2024/2023 |
| NET REVENUE | €6.274bn | €6.458bn | -2.9% |
| of which retail banking | €3.903bn | €4.024bn | -3.0% |
| of which specialized business lines | €2.449bn | €2.369bn | +3.4% |
| GENERAL OPERATING EXPENSES | -€3.723bn | -€3.792bn | -1.8% |
| COST OF RISK | -€646m | -€468m | +38.0% |
| NET INCOME | €1.727bn | €1.989bn | -13.2% |
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| STRONG BUSINESS MOMENTUM IN CUSTOMER SERVICES | |||
| Customer loans | Customer deposits | Insurance2 | Remote surveillance2 |
| €255.5bn | €225.4bn | 6.8 million | 127 200 |
| +1.3% | -2.1% | +216 000 | +4 200 |
1 The annual audit of the financial statements for the year ended December 31, 2024 is under way.
2 By number of contracts.
Attachment
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